MG413 - Data Insights for Business Decisions Presentation 2021

This presentation delves into the crucial role of data insights in business decision-making, emphasizing the importance of identifying and selecting relevant data sources. It differentiates between orthodox market research and big data, outlining various database and management information systems. The presentation details a five-step process for utilizing data in decision-making, highlighting how organizations use data to find new customers, improve customer retention, manage marketing efforts, track social media interaction, and predict sales trends. It also touches on research into improving data capture methods, noting the challenges and evolving tools in data extraction and analysis. The presentation concludes by emphasizing the increasing expense of traditional surveys and the need for efficient data management.

Data insights For Business Decisions

Introduction
Business decision making is considered as a important part of
an organisation. The size of organisation doesn't matter.
This presentation covers the identification and selection of
relevant sources of data and information for the purpose of
making decisions. Furthermore it also deals with the
information to support decision making.

Data collected and used by the
organisation
It is found at the organisations
collect and use the big data.
It refers to a modern
analytics trend which allows
the organisations to make
more data driven decision
some than ever before.

Describe orthodox market research and
how this is different from Big Data
Orthodox market research refers to the objective and formal
process which is performed for the purpose of systematically
obtaining, analysing and interpreting data in order to taking
decision in marketing.
Due to the wealth of information that big data provides, it is
impossible to use traditional market research techniques to
attempt to interpret and understand the data

Type of database and management
information systems
Below mentioned are the several types of database and
management information systems:
Hierarchical databases
Network databases
Relational databases
Object-oriented databases
Graph databases
ER model databases
Document databases
NoSQL databases

Use of Data in business decision
making process
In order to using the data to make decisions, below mentioned
five step process is followed by the management:
Look at the objectives and prioritize
Find and present relevant data
Draw conclusion from that data
Plan the strategy
Measure success and repeat

t how information and data is used within the
day to operations of organisations
Several of business organizations use the data according to their
requirements, but below mentioned are some common use of data in
business operations:
Finding new customers
Increasing customer retention
Improving customer service
Better managing marketing efforts
Tracking social media interaction
Predicting sales trends

Outline for research into improving
data capture
Traditional surveys face increasing expense, declining response
rates, and lengthy time lags between when data are gathered and
when derived indicators and other statistics can be published.
Tools for data extraction, manipulation, and analysis are rapidly
evolving.
Repositories of STI measures that users demand are distributed
among several statistical agencies, and private repositories.

Thank You